Originally Posted by Arkie
Gold has had intrinsic value for the last 5000 years and will continue forever or until he human race dies out.
Gold has an intrinsic value that is distinct from the extrinsic value we designate for it. Same with any precious metal, gem, etc.
In other words, gold has a value based on what we can do with but, but that worth is not $1600/oz. Despite it's extrinsic value increasing, the intrinsic value of gold is declining as we find better materials to do the things we used to use gold for.